Since mid-July, a lot has been said about the UK's property market mini-boom. If you have already reserved or purchased a CLICK property, it may have already started to go up in value! As the media have been exploring the topic and lenders have changed their policies for first-time buyers, we have decided to thoroughly explain why now is a great time to purchase and invest in property.
If you wish to understand how the property market mini-boom is proving to be an exciting time, read along! You will then find out how our new development in Slough is the ideal purchase for both first-time buyers and buy-to-let investors alike.
In July 2020, Chancellor Rishi Sunak granted a stamp duty land tax holiday to homebuyers in England and Northern Ireland with immediate effect. In a bid to boost a housing market still in shock from the COVID-19 property freeze, buyers of homes valued at up to £500,000 will no longer pay any stamp duty land tax on the purchase.
Rolling until March 2021, the stamp duty land tax holiday is a driving force behind the current property market mini-boom. According to research recently published by Rightmove, the average asking price of property coming to market in Britain hit a record in July 2020, 2.4% (+£7,640) higher than in March pre-lockdown, and the 3.7% annual rate of increase is the highest since December 2016. This data is a clear indicator that the strength of buyer demand has contributed to record prices.
Since May 2020, when the UK property market reopened following a Government announcement, buyers and sellers are in full flow. In that specific month, Rightmove data shows that 40,741 (44%) of the 92,085 newly listed properties have already found a buyer, compared to 34% for the equivalent dates in 2019.
According to a Telegraph article published recently, on July 21st, the activity will continue. The Centre for Economics and Business Research, a consultancy, has forecast that the stamp duty land tax holiday savings will trigger a 6pc rise in transactions, equivalent to 41,000 extra purchases. It is estimated that an additional 60,000 sales will be brought forward from later in the year, meaning there will be more than 100,000 extra transactions before March 31st 2021.
We have learned from past, uncertain times, such as The Great Global Recession of 2007 and Brexit; that property prices tend to drop. The low growth period, however, is often short-lived — the property market is resilient, and savvy investors usually take advantage of economic changes which can, later on, maximise their ROI.
Not only can you take advantage of a hot property market, but also an ideal growth hotspot. Aspire, our forthcoming development in Slough, is the ideal purchase for both first-time buyers and investors alike. With a total of £3.5 Billion investment into the town's regeneration and the arrival of Crossrail, JLL has forecast a 14.8% increase in property values by 2024. This, together with ever-growing tenant demand, makes Aspire a fantastic Slough development and buy-to-let investment opportunity.
Slough, moments from Windsor, is a modern thriving town offering all the everyday essentials and more, catering perfectly for modern urban living. Aspire will offer high-end studio, 1, 2 & 3-bedroom apartments situated less than 1 mile from Eton and only 2 miles from Windsor. Aspire, our new build development in Slough, is a 6-minute walk to Slough Train Station, with a commutable time of 16 minutes to London Paddington. The Queen Elizabeth Line (Cross Rail) will provide a high-speed connection between Slough-London in the near future.
Are beautiful green spaces an essential factor of your purchase plans? Slough is also full of parks, green spaces and play areas — 254+ hectares, according to the town's council. Just 35 kilometres away from London, the city has three parks rewarded by The Green Flag Award, which is the national benchmark standard for publicly accessible parks and green spaces in the United Kingdom. Salt Hill Park, Herschel Park and Pippins Park are all well-maintained and offer that much-needed nature landscape within Slough. The borough also has 76 outdoor playgrounds and play areas, which are ideal for families looking for a new home in Slough.
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